What a weak month it was for the equity markets, driven by concerns over the economy following President Trump’s intention to raise tariffs across the board. March ended the worst quarter for the S&P 500 Index since 2022, a couple of days ahead of Mr. Trump’s “Liberation Day” on the 2nd of April. Given this context, stock prices lost 4.2% in March globally. The S&P 500 Index dropped 5.8%. European share prices were a tad better, down 4.2%.